First Citizens Bank‘s Healthcare Finance division has allocated $58.4 million in financing to Anchor Health Properties for the construction of a state-of-the-art, 92-bed inpatient rehabilitation facility in Miami, Florida.
Set to encompass 96,000 square feet of rentable space, including an attached parking garage, the facility will be leased to a collaborative effort between Baptist Health South Florida and Lifepoint Health. It will specialize in acute rehabilitation services for conditions stemming from stroke, brain and spinal cord injuries, amputations, as well as neurological and orthopedic disorders.
Baptist Health South Florida, one of the largest healthcare organizations in South Florida, provides hospital, outpatient and specialty care across 10 hospitals and more than 200 outpatient and physician locations, including the adjacent Baptist Health South Miami Hospital in Miami.
Lifepoint Health, owned by Apollo Global Management, is a diversified, community-based healthcare network with more than 300 locations nationwide.
“We’re pleased to provide this financing to Anchor Health Properties to support the critical rehabilitation services that Baptist Health South Florida and Lifepoint Health will provide to patients in the rapidly growing Miami area,” said William Douglass, group head for First Citizens’ Healthcare Finance division.
Steve Reedy, a managing director and head of medical office banking at First Citizens, added, “Anchor Health Properties has a strong reputation as a leading healthcare real estate company, and we’re pleased to further develop our relationship with them by providing financing for this innovative new facility.”
This recent venture in Miami highlights First Citizens Bank’s growing focus on the healthcare real estate market. Since the start of 2024, its Healthcare Finance division has already closed a $50 million refinancing for a Class A medical office building (MOB) in California and $37 million in refinancing for a MOB in Birmingham, Alabama. The company has also been active in acquisitions and new development during the first few months of 2024, providing $36.2 million in acquisition financing for MOBs in North Carolina and Washington, as well as $22.5 million in financing for the development of a new outpatient surgery center in Orlando, Florida. Throughout 2023, the company secured funding for surgical and rehabilitation hospitals, MOBs and other healthcare-related real estate.
Healthcare Finance, part of First Citizens’ CIT division, provides comprehensive financing and banking solutions to middle-market healthcare companies across the United States. By using a client-focused and industry-centric model, Healthcare Finance can tailor its products and services to help clients meet their needs for capital.
